It is common for physicians to invest in liability insurance as a method of risk transference to protect themselves from the financial liability associated with medical malpractice. Physicians wishing to purchase liability insurance often pay a large premium payment in exchange for protection against personal liability to third party claims of malpractice, in accordance with the insurance policies that are determined by contract. Malpractice insurance also protects the patient, ensuring a solvent source for payment of any award of damages due to a successful malpractice claim.
In certain areas of the United States, liability insurance premiums have increased to costs that drive medical practitioners out of business. In some states the situation is creating a lack of necessary medical services, denying patients access to the medical care they require. Many states require a minimum level of insurance be carried to maintain a license within the state, but others do not require that physicians carry liability insurance. Many states that do not require liability insurance require that the physician notify the patient that no liability insurance is available.
Prior art offers few methods of providing insurance coverage for single events or limited scope engagements. U.S. patent application Publication 2004/0267579 describes a method, apparatus and system for providing insurance coverage and claims payment for single event surgical and diagnostic procedures. However, this publication describes a system of providing single event health or death insurance based on the statistical risk of the procedure, including the risk of complications and further hospitalization, rather than providing liability insurance based on the doctor's past history or performance.
Therefore, as shown in the Prior Art, there is still a need for a method to provide elective malpractice liability insurance to protect a patient and physician for a single occasion or limited scope transaction.